Airline company AviancaTaca Limited have issued an initial public offering (IPO) of $267.2 million in the Colombian stock market, La Tercera reported Monday.
The airline company has given investors from today until a dealine on April 15 to purchase preferred shares, which differ from common stock in that they have a higher claim to assets and earnings but have a lower potential reward.
The company has set a relatively small minimum purchase amount at $2,670, with the companies total offer comprising 100 million shares at a unit price of $2.67.
AviancaTaca Limited is the holding company which merged the Colombian airline Avianca and Taca from El Salvador. This came under the ownership of the Synergy Aerospace Group led by Colombian-Brazilian businessman German Efromovich.
Efromovich recently said that the profits from the sale of shares will be used to finance part of the group’s expansion and fleet renewal.
AviancaTaca Ltd operates more than 150 aircraft. It currently has a workforce of more than 13,000, making it it one of the leaders in the aviation industry in Latin America. Colombian company Avianca had been on the verge of liquidation before Efromovich rescued the company by acquiring it in 2004.